Posted on 08/07/2011 11:02:33 AM PDT by SeekAndFind
A week later and we are still amazed at how the Republicans in Congress pulled it off. They held the economy hostage, won some cheap political points, and all of us will spend the next decade paying the ransom as government programs — $900 billion over 10 years in the first round — are slashed and the recovery is put at risk.
The only glimmer of hope is that the battle is not completely over — if President Obama is finally willing to fight.
Under the terms of the ill-conceived debt agreement, Congress has to propose another $1.5 trillion in deficit reduction measures by December. Just to ensure that rationality does not have a chance, Republican leaders said they would not put anyone on the deficit-cutting “super-committee” who might entertain the idea of raising taxes.
A week later and we are even more amazed by the failure of Mr. Obama and the Democratic leadership to stand up to this intransigence. If they do not start pushing back, with the same ferocity, the results will be disastrous.
Standard & Poor’s made its judgment about both the political standoff and the all-cuts, no-new-revenues deal on Friday when it lowered the country’s long-term debt rating one notch, down from AAA. And while “no new taxes” pledges are almost always big political winners, Americans are also figuring out that the country cannot keep on this way. According to the latest New York Times/CBS News Poll, 63 percent support raising taxes on households that earn more than $250,000 a year to help address the deficit.
If that is not enough to energize the White House, here are a few more facts. To avoid across-the-board cuts, Congress must enact at least another $1.2 trillion in deficit reduction measures over the 10 years.
(Excerpt) Read more at nytimes.com ...
It’s a dumb editorial. Why not suggest that the 51 percent of folks who PAY NO INCOME TAXES pay a little something?
Well now, that's interesting. Obviously the burden isn't going to fall just on the rich (income > $250K).
The middle class is going to provide most of the "increased revenue".
Somebody's lying about who principally bears the burden.
Cut the power to the Slimes building. Let them go green and do a self sustatinability check.
We are now caught in a cycle of tax, regulate and spend that has our economy “circling the porcelain convenience.”
I guess that while hanging out in the Hamptons, they don't have much time to devote to their craft except to drag out the old arguments for another chase around the echo chamber.
IBD Editorials
Viewpoint
Brokest Nation In History On Edge Of Armageddon
By MARK STEYN Posted 08/05/2011 06:46 PM ET
On Thursday, in honor of Barack Obama’s 50th birthday, the Dow dropped 10 points for every year he has walked among us. It was the ninth-largest drop in history. We should be relieved he wasn’t turning 80.
The markets are apparently concerned that the entire global economy might be “stalling.” You don’t say? Observant fellows, these market chappies.
The Republicans have been pathetically quiet defending themselves and attacking Obama since the debt deal.
Me too! You can't beat that message during a campaign.
Listen to the NYT 0! This is a Sure Fire Winner if there ever was one.
Really hammer away at your plan to raise taxes-people can't get enough of that sort of thing.
So, you admit it, but kvetch about it anyway?
"The country cannot keep on this way": that's why we demanded cuts to vote-buying programs, which the Freebies For Feckless Freeloaders Party (The 4-F Party) was unwilling to make.
The Gay Mafia at the New York Times, and gays in the media had the electorate CLAMORING for an unknown candidate with a questionable background for President, and ANYONE who didn’t support was obviously a racist.
What makes you think they can’t make those very same sheeple clamor for tax increases to “Save” them for those evil republican Tea Partiers?
If only we could double or triple the tax rates of ONLY those corporations that ONLY (well, primarily) sell to the 40+% who don't pay fed income taxes....
Item for tax increase Democrats to dispute as they plan more private sector damage;
The Macroeconomic Effects of Tax Changes
By Christina D. Romer and David H. Romer
http://emlab.berkeley.edu/users/dromer/papers/RomerandRomerAERJune2010.pdf
“Our baseline specification implies that an exogenous tax increase of 1% of GDP lowers real GDP by almost 3%”
[exogenous-means caused or produced externally(by Democrats and RINO’s)]
So the Old Gray Crack Whore is now calling for Obama to raise taxes on the middle and upper middle class. That is what they are calling for if they want to make a dent in the debt. If all income on those above $1 Million were confiscated, it would amount to less than $2 Trillion.
Try this for 10 years and see where in the hell that gets you OGCW! The liberals are gonna be like a bunch of sugared-up, dead-tired two year olds when this happens. It will be very nasty dealing with them.
FMCDH(BITS)
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